EU Discusses Diesel Stock Release As US Steps Up Pressure

BRUSSELS, Oct 2 (NNN-dpa) -- The European Union (EU) is discussing the release of strategic diesel stocks in an attempt to lower global energy prices, reported German Press Agency (dpa).

The move comes after the United States (US) administration under President Donald Trump said it was considering an export ban on diesel to increase pressure on the bloc.

“Talks are ongoing, phone calls (are) taking place,” said a spokeswoman for the European Commission on Friday, as the EU was coordinating its position on potential stock releases.

The final decision, however, would have to be taken by the International Energy Acency (IEA), she stressed.

Surges in diesel and petrol prices prompted US President Donald Trump to consider halting diesel exports to the EU.

US Treasury Secretary Scott Bessent on Thursday said Europe should “make additional supplies immediately available” to lower prices.

“We fully reject any ban on diesel. A ban would not be beneficial to anyone,” the commission spokeswoman said.

An expert group concluded earlier this week that there “is no immediate security supply issue in the EU,” she said, but that the EU is facing an “affordability crisis.”

The leaders of the G7 group of leading economies, with includes the US, are due to discuss the global energy situation in a video conference, the French presidential office announced.

French President Emmanuel Macron spoke with Trump overnight about the issue.

Diesel prices have doubled in Europe since the start of the Iran conflict in late February and gas prices have risen by 140 per cent, according to the commission.

--NNN-dpa